Other circumstances that can change your premium The other circumstances in which your premium will change are as follows: > When you increase or reduce the amount of benefit under the policy. > When the benefit ceases due to the life assured covered for the benefit attaining the benefit expiry age as specified in the schedule . > Any changes to the tax treatment of any premium payable or claims receivable in respect of the policy (such as changes to GST). What happens if you do not pay the premium on time? You have 30 days’ grace in respect of any premium due. Sovereign will be entitled to cancel your policy by written notice to you at your last known address if a premium remains outstanding 31 days after a premium due date . If you want to have the policy reinstated, you must write to Sovereign. Sovereign does not have to reinstate the policy but may do so on any conditions it considers appropriate. If a benefit is payable under the policy when the premium is overdue, Sovereign may deduct any overdue premium from the benefit.
Sovereign statutory fund Your insurance policy is part of the ‘Sovereign Statutory Fund Number 1’, effective 1 July 2013. This is a requirement under the Insurance (Prudential Supervision) Act 2010, for policy holder protection.
Policy subject to laws of New Zealand
The laws of New Zealand govern this policy.
Notices
When you write to Sovereign about this policy, you must send the letter to Sovereign’s head office in New Zealand or a substitute address Sovereign gives you .
The postal address of Sovereign’s head office is: Freepost Sovereign Private Bag Sovereign Victoria Street West Auckland 1142 New Zealand
The street address of Sovereign’s head office is:
Sovereign Assurance Company Limited Sovereign House 74 Taharoto Road Takapuna Auckland 0622 New Zealand
15. Other important information
What forms part of this policy contract? All the terms of this policy are contained in and based on:
Sovereign is not bound by anything contained in a letter or notice you send unless Sovereign actually receives the letter or notice at the relevant address. When Sovereign writes to you about this policy, Sovereign will send the letter or notice to the address for the policy owner shown in the schedule , or a substitute address you give us. You must immediately notify Sovereign of any changes to your postal or residential address. Every notice required to be given to you by Sovereign shall be deemed to be delivered three days after having been posted. Information about your policy Shortly before the expiry date , Sovereign will send you a letter outlining the continuation options for this policy. Please contact your Sovereign Registered financial adviser to discuss new cover options. You may at any time write to Sovereign or your Sovereign Registered financial adviser for further information about your policy.
> This policy document including the schedule and any alterations made to this policy document as permitted under the policy. > Any application forms and declarations made by you , at any time, concerning this policy. > All statements which anybody who is insured under this policy has made to Sovereign. > Any provisions which any legislation states must be included in this contract, unless those provisions can be contracted out of, in which case they are deemed not included.
Nothing else forms part of this contract.
Law changes affecting Sovereign or the policy If changes in the law occur after the risk commencement date and Sovereign believes on reasonable grounds that those changes will affect:
Sovereign’s liability to pay any tax; or
>
> the tax treatment of any premiums payable or claims receivable in respect of the policy; or > the way in which the policy works or the amount which can be paid under the benefit;
No surrender value
This policy does not participate in the profits of Sovereign. The policy has no surrender value or cash value if it is cancelled.
then Sovereign can change the provisions of the policy, but only to take into account the effect of the law change.
420 Start-Up IP version 7 Effective 06 March 2017
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